Following the US election on 5 November 2024, some of the world’s wealthiest individuals saw their fortunes soar to new heights, notably including Elon Musk.
As of the market close on 6 November, Musk’s wealth skyrocketed by $26.5 billion, pushing his net worth to an astonishing $290 billion.
This massive jump in wealth is largely attributed to a rally in Tesla’s stock, which rose nearly 15% after the election results.
Musk, a vocal supporter of Republican president-elect Donald J. Trump, stands to benefit significantly from the political shift in Washington.
On 6 November, the financial markets responded enthusiastically to Trump securing enough electoral votes to win the presidency.
The Dow Jones Industrial Average recorded a historic 3.6% increase, marking its largest post-election gain since 1896.
Both the S&P 500 and the Nasdaq Composite saw impressive rallies as well, climbing 2.5% and 3% respectively.
These gains were mirrored by some of the world’s wealthiest individuals, with several billionaires seeing their fortunes rise in the wake of the election results.
Elon Musk, the world's wealthiest person, saw his wealth skyrocket by an impressive $26.5 billion, bringing his total net worth to a staggering $290 billion, according to Bloomberg Billionaires Index.
Elon Musk is a prolific entrepreneur wearing many hats, from leading companies like Tesla and SpaceX to founding ventures in AI, infrastructure, and brain-computer interfaces.
This surge was driven by a 15% jump in Tesla’s stock on Wednesday, marking a major rebound for the CEO of the electric car company and social media platform X.
Musk’s strategic financial movements have largely contributed to his position at the top of the billionaire rankings, even surpassing the $118 million he spent backing Trump’s campaign efforts last month.
Jeff Bezos, the second wealthiest person in the world, also benefited from the market’s rally.
His wealth increased by $7.14 billion, pushing his net worth to $228 billion.
Jeff Bezos is a renowned entrepreneur and philanthropist, known for founding Amazon, Blue Origin, and The Washington Post, and leading various initiatives like Bezos Expeditions, Bezos Earth Fund, and Bezos Academy.
Bezos, whose fortune is primarily tied to Amazon, has been known for his high-profile investments, including ownership of The Washington Post.
Interestingly, The Washington Post refrained from endorsing any presidential candidate in this election, a significant departure from its usual political stance.
This is the first time since the 1970s, The Post, who traditionally holds a powerful voice in US politics.
Sources revealed that the newspaper’s editorial board was ready to endorse Vice President Kamala Harris, the Democrat candidate.
While many billionaires saw substantial increases in their wealth, Meta CEO Mark Zuckerberg was not so fortunate.
Zuckerberg’s wealth dipped by $80.9 million, bringing it down to $202 billion.
Mark Zuckerberg is the co-founder and CEO of Meta Platforms (formerly Facebook) and co-founder and co-CEO of the Chan Zuckerberg Initiative.
This slight decrease occurred as Meta’s stock saw a minor decline.
Investors are reportedly concerned about the future performance of Facebook, especially with the rise of Trump’s social media platform, Truth Social.
Despite this, Zuckerberg remains firmly in the top ranks, holding the position of the third wealthiest individual in the world.
Larry Ellison, the co-founder of Oracle, experienced a significant boost in his wealth after the election..
In the fourth place, his fortune increased by $9.88 billion, taking his net worth to $193 billion.
Larry Ellison is a co-founder, executive chairman, and CTO of Oracle Corporation.
Ellison’s wealth has been closely tied to Oracle’s performance in the tech sector, and the company’s recent strong showing in the market helped propel his financial standing.
Despite the strong market performance, not all billionaires fared well after the election.
Bernard Arnault, the CEO of luxury conglomerate LVMH who is in fifth place, saw a significant drop in his wealth.
Bernard Arnault is the Chairman and CEO of LVMH Moët Hennessy – Louis Vuitton SE, the world's largest luxury goods company, and Chairman of Christian Dior SE.
He lost $2.85 billion overnight after the company’s stock dropped by $272 million on 5 November.
The slump is largely attributed to decreased consumer spending in China, a key market for LVMH products.
Investors are now anxiously awaiting news of potential fiscal stimulus measures from China to revive the luxury sector.
As of writing, his net worth is $173 billion.
Some billionaires remained notably quiet during the election campaign, including Microsoft founder Bill Gates and investor Warren Buffett.
Neither publicly endorsed a presidential candidate, preferring to stay out of the political fray.
Despite their neutrality, both men saw their wealth increase significantly.
Gates’ wealth rose by $1.82 billion to $159 billion, securing his position as the 6th richest person, while Buffett’s fortune surged by $7.58 billion, bringing his net worth to $148 billion, placing him 9th.
Bill Gates, co-founder of Mircosoft, and Warren Buffet, chairman and CEO of Berkshire Hathaway
Similarly, Steve Ballmer, former CEO of Microsoft, saw his wealth rise by $2.81 billion to $146 billion, securing his place among the world’s top 10 richest individuals.
The aftermath of the 2024 U.S. election revealed just how quickly fortunes can change for the wealthiest people on the planet.
While some celebrated massive gains, others, like Bernard Arnault, saw their fortunes dip.
As the global financial landscape shifts, the true impact of these changes remains to be seen.
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